Gold Dips on Stronger U.S. Economic Outlook

Gold slipped, silver rose and miners were mixed

Gold backed away from an initial rally on Tuesday and ended with small decline for the day as traders considered better economic news from the U.S., including a report that the U.S. federal deficit would decline to $845 billion this year. Federal deficits have topped $1 trillion for the last four years.

Gold futures for March delivery dipped fractionally to $1,672.80 on Tuesday, according to CME Group. Gold traded as high as $1,686.10 and as low as $1,666.80. Gold bullion closed in London at $1,675, according to BullionVault.